DNCA Invest
Miuri

European long-hedged equities

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Portfolio managers comments
February 2019


The equity markets continued their recovery in February, with the Eurostoxx 50 NR rallying 4.4%. This rerating was driven by the Fed's suddenly more accommodative stance and hopes of a positive outcome to the US-China trade war. The various earnings reports in February did not prompt us to upgrade our projections, but we did finetune several of our convictions. Firstly, the situation in France seems to be getting back to normal and the start of the year has even been encouraging. The decline in certain industries in China (automotive, electronics) has not contaminated the country's overall...

Mathieu Picard - Pierre Valade - Alexis AlbertText completed on 4 March 2019

At 21/03/2019

NAV

90.64€

Risk indicator

Year-to-date performance

-1.86%

Annualized performance
since inception

-3.78%
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Performance 

2018

-8.84%

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Volatility over 1 year

-

Recommended minimum investment horizon

5 Years

Net assets

670M€

Inception date

31/08/2016
Past performance is not an indicator of future performance
Management fees are included in performance. The performances are calculated net of any fees by DNCA FINANCE.
This is not a capital guarantee fund

Fund Managers

Mathieu Picard

Mathieu Picard holds a postgraduate degree in Finance from Sciences-Po Paris and a master’s degree from Paris IX Dauphine University.

In 2002, he became a sell-side financial analyst at IXIS Securities. In June 2006, he moved to the proprietary management team as a financial analyst at IXIS CIB, which became NATIXIS.


He joined the DNCA Finance Absolute return team in September 2009.

Pierre Valade

Pierre Valade, aged 47, has been working on the equity markets for 20 years. He started his career at PriceWaterhouseCoopers in 1996. Then he passed ten years as a Long-Short portfolio manager at GLG Partners in London, where he co-managed the absolute return “GLG European Alpha Alternative Fund”.
Pierre previously spent six years at Natixis Securities, two of which were spent as head of sales in the UK, and also worked at Exane in New York where he focused on stock-picking on US companies for European investors.
In November 2018, Pierre Valade joined DNCA Finance.

Alexis Albert

Alexis Albert is graduated from ESCP and holds a master degree in mechanical engineering from ENSIAME.

After 14 years experience in the industry mostly as a sell-side financial analyst in Paris and London (Barclays Capital, Nomura, Natixis…), he joined DNCA Finance in September 2017 as buy-side analyst for the Absolute Return fund range (DNCA Invest Miura, DNCA Invest Miuri, DNCA Invest Velador, DNCA Invest Venasquo).

Performances

Fund evolution
Performance over the year

Inception date : 31/08/2016

PerfAt 21/03/2019
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YTD

DNCA Invest Miuri-1.86%
Eonia-0.08%
Simulator
(1) The inception date of the Fund is 31/08/2016

Briefly

The Sub-Fund's strategy qualifies as Long/Short equity and its investment strategy relies on fundamental financial analysis. It invests in equities issued in Europe (EEA plus Switzerland). The global risk associated with investments of the Sub-Fund (Longs and Shorts) can not exceed 200% of the net assets of the Sub-Fund. With a net exposure limited to +/- 30% of assets under management, it is not significantly dependent on the equity market trends and the performance depends essentially on the capacity of the Investment Manager in identifying equities that have the characteristics to outperform their indexes or their sector indexes.

What objective?

The Sub-Fund seeks to achieve a higher annual performance than the risk-free rate represented by the EONIA rate. This performance is sought by associating it to a lower annual volatility than 5%.

What breakdown?

- Equities issued in Europe (EEA plus Switzerland) or equivalent financial instruments (such as ETF, futures, CFD and/or DPS, etc.): from 0 to 100%,
- Equities issued out of EEA plus Switzerland: up to 5%,
- Equities with total market capitalisation below 150 million Euros: up to 5%,
- Euro zone Ordinary Bonds, convertible bonds or equivalent, money market instruments or deposits: from 0% to 100%,
- up to 10% in other financial instruments,
The Sub-Fund may invest up to 10% of its net assets in units and/or shares of UCITS and or AIFs.
The exchange risk will not exceed 10% of the net assets of the Sub-Fund. For the purpose of hedging or increasing equity or currency risk without seeking overexposure, the Sub-Fund also operates on regulated markets of futures on European indexes (including or not in a DPS). The Sub-Fund also operates on the foreign exchange markets to cover investments realised outside the euro area or relating to the United Kingdom, Switzerland or Scandinavia.

For what type of investor?

All investors, in particular investors seeking absolute performance with managed volatility. Exposure to the equities market though with limited directional risk.

Which characteristics?

Pricing : Daily
Fund Legal Type : SICAV mutual fund governed by Luxembourg law
Country Of Domicile : LU
Min Subscription Amount :
Nil (Share N, Share B)
200000 (Share ID, Share H-I (USD), Share I)
2500 (Share AD, Share A)
Min Subscription Shares :
None (Share N, Share ID, Share H-I (USD), Share I, Share AD, Share B, Share A)
Subscription Fees : 2% max
Performance fee : 20% of the positive performance net of any fees above Eonia

Legal information

The above information is not a confirmation of any transaction and does not comprise investment advice. Past performances are not a reliable indicator of future performances. Management fees are included in performances. Access to products and services presented may be restricted regarding certain persons or countries. Tax treatment depends on the individual situation of each investor. For full information regarding strategies and fees, please refer to the prospectus, KIID documents and other regulatory information available on this website or free of charge on demand from the investment management company’s registered offices.